Incubate Fund

Tokyo seed-stage VC that leads first rounds in Japanese startups, with a growth fund for later stages.

🇯🇵 Minato-ku, Tokyo · Founded 2010

Pre-seed to Growth·Leads rounds

VC / FundFrontier TechFintechHealth & Medical TechB2BConsumer

Incubate Fund is an independent venture capital firm based in Tokyo, founded in 2010. It focuses on seed-stage investing under the motto "First Round, Lead Position, Build Industries", and its general partners take an active part in management. It says it has managed over ¥150 billion and backed more than 800 startups through its flagship and related funds. It also runs a growth fund called IF Growth, a fund of funds for new VC managers, and the Incubate Camp seed accelerator.

What they invest in

We aspire to always be a challenger in the world of venture investing. Our mission is to support amazing founders from day one of their journey.

Stage: Pre-seed to Growth
Role in a round: Leads rounds
Fund: Seed fund with related funds · ¥20.5B; Closed 2025

Sectors

Frontier Tech
Fintech
Health & Medical Tech
B2B
Consumer

Regions

Japan

How to pitch

Send your deck

They read inbound pitches that match the criteria above.

Send your deck ↗

Open to

Pitches from founders
Co-investment
Mentoring founders
Co-marketing & events
Hiring for portfolio companies

Founders can send pitch materials through the firm's inquiry form for a 15-minute session with an investor. Seed founders can also apply to the monthly Circuit Meeting and the yearly Incubate Camp.

Portfolio

Incubate Fund lists 305 portfolio companies on its site, with 30 IPOs and 81 M&A exits. It says its funds have backed over 800 startups since 2010. Most deals are seed rounds in Japan, across frontier tech, fintech, health, B2B, consumer and gaming.

Some of the companies they have backed

AAsueneAI sustainability products sold globallyClimate Tech · Series C+ · 2026

IispaceLunar development companySpace · Series C+ · 2021

KKOMPEITOExitedRuns OFFICE DE YASAI office food service; listed on TSE Growth in 2026Food Service

SSQUEEZEExitedRuns lodging facilities and builds their systems; listed on TSE Growth in 2026Hospitality Tech

IiCAREExitedJoined the Omron group in 2025

The portfolio at a glance · 30 companies · 2021–2026 · 8 exits · led 1

Sectors

Carbon Capture7%
Deep Tech7%
Health Tech7%
Space7%
Other57%

Stage when they invested

Seed37%
Series A7%
Series B3%
Series C+17%

Where the companies are

🇦🇺 Australia3%

30 companies taken from the firm's news posts, PitchBook, CB Insights and Seedtable, as of Oct 2026. The firm's own portfolio page lists 305 companies.

Every company, with the details, is on their own site.Full portfolio on incubatefund.com ↗